The African Energy Bank on the Move !

On June 3rd, in Cairo, a historic milestone was reached with the signing of the founding documents of the African Energy Bank by the leaders of APPO and Afreximbank. This ambitious project, initiated on May 17, 2022, in Angola during the 44th Ordinary Session of the Council of Ministers, symbolizes much more than a simple collaboration: it is a concrete vision for a bright energy future in Africa.

The African Energy Bank aims to transform the continent’s energy landscape by attracting private investments in oil and gas projects, while addressing the challenges imposed by the energy transition. In a continent where more than 600 million people remain without access to electricity, this initiative stands as a beacon of hope. The ambition is clear: to provide reliable electricity access to over 300 million people by 2030, thus reducing the energy deficit that hampers the growth of many African nations.

The repercussions of the creation of this bank are vast and profound. By supporting energy infrastructure projects, such as the construction of new distribution lines and the installation of renewable electricity capacities, the African Energy Bank will play a key role in modernizing the sector. It is also committed to projects involving clean and sustainable energy sources, aligned with the goals of reducing carbon dioxide emissions and protecting the environment, as advocated by the Central Africa Business Energy Forum (CABEF).

The CAPS project (Central African Pipeline System) is one of the initiatives that could benefit from the bank’s support to facilitate the transport of crude oil and gas to export terminals. This initiative not only strengthens the economy of the Central African sub-region but also promotes unprecedented South-South collaboration, thus consolidating energy stability.

With the African Energy Bank, Africa is on the verge of an energy revolution. The continent, rich in natural resources, will finally be able to fully exploit its potential and position itself as a major player on the international stage. The creation of this institution marks the beginning of a new era of prosperity and development, an era where Africa leads its own energy transition while embracing the principles of energy justice. More than just a bank, the African Energy Bank is a symbol of rebirth and innovation for the entire region.

CABEF celebrates this crucial step in the fight against energy poverty. Together, let’s build the Africa of tomorrow.